Business

Company executives sent to prison

Posted February 14, 2012 11:00 pm

Associated Press

Two former executives of Canopy Financial Inc. have been sentenced to prison for swindling investors out of $75 million and illegally pocketing about $18 million from accounts that were supposed to pay the medical bills of individuals nationwide.

Former president and CEO Jeremy Blackburn was sentenced Wednesday to 15 years in prison, and former chief technology officer Anthony Banas received a 13-year sentence. Both men pleaded guilty in 2010 to one wire fraud count.

According to court documents, Blackburn and Banas used false information about Canopy’s financial condition to obtain approximately $75 million from several private equity investors in 2009. The then Chicago-based company declared bankruptcy in 2009.

The 34-year-old Banas of Homer Glen reports to prison April 18. The 38-year-old Blackburn of Bolingbrook will begin his sentence March 20.

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